Watching for a possible doji to this zone for potential shorts.. Price is testing previous daily support as new resistance, & looks to be making a double top on the hourly timeframe to the 50 fib region.
The New Zealand Dollar has been moving in a descending channel against the Swiss Franc since late July 2017. The upper boundary of a dominant channel was tested on July 31 and that was followed by a new wave down.
After hitting the 38.20% Fibonacci retracement level, the NZD/CHF exchange rate took a dive south and has since been trading in a narrow junior channel....
Price came back for a higher low but ran into daily support. Now I will be watching price to break the supply area its testing & counter trendline for entry..
After a triple bottom to daily support, the bulls have taken over on this pair. Price closed below resistance, so I will be watching for a pullback to the fib regions for potential entry as we should see price make higher highs & lows now..
Some people see a channel (aqua)
I see a triangle (red). Either way I see NZDCHF going for a bull. I set my first TP on (red - triangle) 0.698xx.
If I see it continues soaring after I will buy again and ride it to TP on (aqua - channel) 0.704.
The TP will tell me whether the channel or the triangle is active, and will follow the bear down to the respective...
Watch for a break of the demand zone price has been rejecting, & a break & retest of the counter uptrend line for a downtrend continuation down to its previous lows.
